Sunday, December 27, 2009

If you do not know already, there is a great Social Media tool sort of like YouTube. It's called Slideshare. http://www.slideshare.net As an agent and a broker, teaching is part of the profession. Home buyers, home sellers, licensees and myself included all benefit from being educated about real estate and how it applies to us all. Slideshare allows you to create streaming audio/visual presentations using PowerPoint (other programs too), but PowerPoint being perhaps the most convenient. Once finished, like in my example below, viewers must click on the green play button rather than the prompt that moves, so I'm sure that could be a bit confusing. But all in all, Social media packs a punch. For example, without even trying, the slide share presentation below has been viewed almost one thousand times. Imagine if you really tried to promote your own.

I have not "arrived" by any stretch of the imagination, but I will say that I am happy to take advantage of Social Media and any technology that can help us get educated easily, conveniently and with some visual stimuli. All this helps us learn more effectively. So, what have I done? Not much. I created a few presentations on Slideshare, and I also have created some private ones for my new licensees. The latter ones have a private url (not so Social Media) for them to place into the browser and off they go into the Real Estate Purchase Contract lesson I created. There were some technical fall outs at first, but I think we got it now.

It is nice, but one of the hurdles I faced was is getting over how I sounded in a recorded presentation. Have you ever heard your own voice on an answering machine? I hate to say it, but I think I sound a bit bored in some of these. Granted the Real Estate Purchase Agreement is no Harry Potter and Prisoner or Azkaban, but still, I need to work on the Social Media recording smile and delivery. Sorry agents. I promise to liven it up a bit.

If you want to see Social Media and just a small sample of a Slideshare you can go here too. http://www.slideshare.net/c21jeffp/anatomy-of-a-shortsale-presentation I talk a little about short sales. This was my first one. The need to create this one arose from the response to the number of callers who were confused when it came to comparing short sales, REO's and foreclosures. Brace yourself. It is no masterpiece like many others you will find on Slideshare.net, but I was a beginner, and it just needed to do the job. After all, I am a real estate broker not Guy Ritchie.

The Internet sure has opened up an incredible portal for social media to take hold. I truly look forward to the new Social Media wave and where it will take us. Like other forms of media, Social Media content may not be true, but it's delivery has become truly one with sizzle.
By Jeff Pereyda

Tuesday, December 22, 2009

A while back, I had a home for sale in Union City, and I had just finished up on a few things after an open house. I decided to drive home by way of a different street. All the while, in the back of my mind, I wondered where a poor Prudential agent's real estate sign ended up, and there it was. The sign was posted on a home for sale in Union City on Almaden Ct off of Alvarado during my listing period on another Union City home nearby. My seller and I always got a kick out of the bare post with no sign. The missing sign started as a dangler. You know, the one hook dangle? Then, it just dropped on the lawn. The agent never bothered to check on the home. I even called. After a while, someone finally decided to dump it. Stop, I know what you're thinking--It wasn't me. I'm not trying to slander Prudential either. Signs just break sometimes.

The image I captured on the Blackberry here also captured the feelings of many Union City and Fremont home buyers as of late. Looking at it, as pathetic as it is, many one-liners come to mind like, "trash it!" or "take it to the can man!" Or, on a different note maybe the picture can be interpreted as "shopping for a home" perhaps or "put an agent in your shopping cart." I think Fremont home buyers can identify to this imagery in line with what is going on with the market lately. Ask most any home buyer, and they will tell you that it is not easy to buy a house right now. REO's get swept up by cash buyers sometimes over bidding, short sales take many months or years to own with no communication in between. Regular sales like one of mine here at Redwood Terrace http://tricityhome.com/38332_redwood_terrace_parkmont.html.

In closing however, I wanted to offer some words of encouragement. if you are approved for a Fremont home loan, be thankful and go get a loan ASAP. If you want a Fremont Home and are not approved, get your financials together and see what you qualify for before the tax break period is over. Go get that home before someone "carts it off." Sorry, just can't seem to stop at one.
By Jeff Pereyda

Thursday, December 17, 2009

I have a wonderful home in Parkmont for sale here at http://www.homes-in-fremont-unioncity-newark.com/ I put it at this point2home site because I want to have the home in parkmont be posted (syndicated) to 30+ websites. Well, it worked. It's out there, and we are marketing the home in Parkmont aggressively. In fact, we procured a ready, willing and very able buyer today.

Our buyer is 80/20 conventional purchase loan. The other problem in purchasing this home in Parkmont must go undisclosed. I have after all a fiduciary duty to parties involved. So, we can see this as the classic expression--is the glass half full or half empty? We have a seller who wants to sell a home in Parkmont and a buyer who wants to buy a home in Parkmont. Either way, our office is happy to be objective in helping buyer and seller achieve their goals in buying a home in Parkmont. We will see.

Tuesday, December 15, 2009

My wife and I are inviting friends over from their new home in Niles this weekend; now that school will be out for two weeks Sunday works out okay.

They recently bought a home in Niles Fremont off of Easterday. We live in a Parkmont home in Fremont, so it's never too far to go for a quick visit, and instead of us going over there for their open home in Niles, we decided to have them come this way.

I will be making brick-fired pizza from a home made brick/Weber BBQ fueled by an industrial propane burner. It's a guy thing and another story all together. Pizza may not really say Christmas, so we needed something a bit more seasonal. Ah ha! Persimmon pudding for desert.

For those of you who may not know about bread puddings, they happen to be one of the very best concoctions known in the culinary world. Fortunately for us persimmons grow very well around many homes in Niles. One week ago, I hired my 7 and 8 year old to aid in nabbing some Hachiya persimmons, the kind you have to let ripen a bit off the tree first before eating. So one morning, before school, we picked 10 persimmons and left them in a box. Now, the persimmons are ready. Today, they will each scoop out a Hachiya persimmon as part of their lunch. As for the pudding? Let me know if you want the recipe. But, ask me how they were on Monday first.

Thursday, December 10, 2009

Most home buyers for condos in Fremont are unaware of the new changes in FHA requirements. When I say requirements, I am not referring to the buyer's requirements. They seem to have remained the same, but the real change has come from somewhere else. FHA loans for condos in Fremont and everywhere else have placed HOA risk assessments into the picture.

FHA is a program not necessarily a loan by itself, and lenders need to comply with the program that is set forth by HUD (Housing and Urban Development). The new catch is that the subdivision/HOA has to have been approved by HUD for FHA loans in Fremont to occur. Here's an example. If a condo subdivision, say like Mowry Gardens in Fremont (Redwood Terrace), has condo for sale which it does by yours truly here http://www.homes-in-fremont-unioncity-newark.com/Featured_Listings/page_163204.html and, if, for some reason, there was a lawsuit pending against the HOA, or the HOA has low reserves, or if the HOA has insufficient insurance--you get the idea, HUD will not FHA approve them anymore. It actually is a long 6 month process for the HOA to get approved by HUD.

There are countless individuals who are at risk of getting their condos in Fremont pulled out from under them right in the middle of their transaction. I have two in jeopardy. At the time of our office receiving the short sale offers for our sellers, HUD was allowing FHA loans for condos in Fremont to take place. Now, for the reasons mentioned above, the risk is too high for the program to carry on for all condo subdivisions who have not been HUD approved already. Now that we are weeks away from getting a short sale approval (that is a very short time in the world of short sales), we could lose out again. You and I are not alone here. This is happening across the board for all condos.

All is not lost. PUDs (Planned unit Developments) and SFHs Single Family Homes are okay for "spot approvals" for FHA loans. That's where the lender can do an FHA approval for the buyer just like a regular conventional loan. No more.

If you happen to be looking for a home and considered FHA loans for condos in Fremont and only have 4 or 8% down for the condo purchase, then you are a likely candidate for attaining an FHA loan. They are good loans, But before you make an offer on a condo, you better ask your agent if the subdivision has been approved for FHA loans. If it has not been HUD approved, you cannot use an FHA loan. you have to go conventional with at least 15% down. B of A has a decent 15% down conventional at the moment as well as Wells Fargo.
By Jeff Pereyda

Sunday, December 6, 2009

I tweeted using Openbeak for the blackberry earlier today while I was in the Niles area of Fremont . I was on my way to meet with Pat Montellano, a purveyor of fine collectibles such as plates, cups and all things art deco like syrup dispensers over at A Time For Tea in the Niles area of Fremont, of which I happened to have a recent affinity for. I talked to Pat a few months ago asking her if she had plans to pick up any dispensers. She said she would and for me to write my name on a list, so I did. Last week I got a call from Pat claiming that she found a few of the 50's art deco syrup dispensers for me while she left the Niles area of Fremont and went on her road trip into the Midwest. When she returned, she asked me what colors I had in mind. I wanted to know if she found any with salmon or mint green tops. She did. So, I made an appointment with her and was on my way.

I met Pat at the front desk this morning sharply at 11:00am when they opened up the store. She recognized me, and, with a smile, reached back and got out a small box of 50's syrup dispensers. I felt like a kid looking into a box full of surprises. I picked out one small mint green and one salmon pink colored syrup dispenser. We chatted for a bit, talked a little about the real estate market in the Niles area of Fremont and then I headed out. I took some time and visited a few other stores I like and made my way home.

Just in case you may have not heard about the Niles area of Fremont or perhaps any of the antique boutiques that line its main street, you could be missing out. It's a great place to go and pa rouse around looking for the once abundant but now long gone home accessories that some of us may have grown up with or maybe have just grown to love. For me, it's hunting for things art deco mostly. It is important for me to take a break from the real estate and get a rest from the TriCity Real Estate Brokers office I run in the center of Fremont and just enjoy Fremont. By the way, my home isn't filled with syrup dispensers as you may have come to imagine from reading this, but I do have a nick knack or two. The urge to gather up an item once in a while comes and goes--sort of like a hobby I guess. Once, in the 90's, when I used to be a UPS driver, I found a 50's art deco kitchen table being thrown away in a dumpster that obviously needed rescuing, so I did just that; still have it. Is it just me, or does anyone else like to do that once in a while?

Much can be written about Niles of Fremont with it's history, its cafes, shops, studios an other nostalgia that make up the experience there, but the idea here was to just jot down a very small slice of what I or others may enjoy while in the downtown Niles area of Fremont.

Friday, December 4, 2009

Last week I brought a client into a new subdivision in Fremont called Gramercy at Park Lane West in the Irvington area. After locating the sales office, and after filling out my broker form, I escorted my Fremont home buyer into the Gramercy at Park Lane West's Lanesborough Loft and then the Devonshire model home in what is called the Westerley at Park Lane West. Those were as large as they were stunning. But most of this is written about the Gramercy. It has been a while since I have walked into a new home subdivision, but I must say, I was quite impressed. First, the staging furniture was excellent as well as the accents. Sure there was the cardboard computer on a desk, but that is to be expected. Who's going to put either an outdated 40lb monitor on the table? or risk placing a Powerbook G4 there?

Anyway, The area rug was that of a grey, tousled, gargantuan pile. Each pile was two inches diameter. Very impressive rug although hard to tell from this photo. Getting into the kitchens, we were impressed by the way it included a generous breakfast bar which complemented a very open floor plan and encouraged a good flow of light. It even had a view of Mission Peak. They seemed to be designed for light and airy to say the least.

Although it has not been built yet, I am looking forward to seeing the Gramercy at Park Lane West Knightsbridge model home, a 2 bed 2 bath 1180 sq ft unit that has an even longer breakfast bar. Of course this Gramercy at Park Lane West will have laundry inside as well as walk in closets, double sinks in the master bathroom and more like below-level gated parking garages for security.

There are many home buyers who are tired of getting outbid, tired of the short sales and just plain tired of looking at homes. Well, if you do not mind the stairs at Gramercy at Park Lane West because there are a few due to the style and plottage density (the way the homes sit next to each other), then please give me an excuse to see that rug again.

Let me escort you to the Gramercy at Park Lane West. I would love to meet you and show you what I just wrote about. They will even do FHA financing. Let me know. What's best is I get to meet you and you still get a good deal direct from them. You do not pay me a cent.

Wednesday, December 2, 2009

At 9:00am sharp today a lot of energy will be released at the RainCamp SF. Yours truly will be attending and hopefully will be able to glean useful applications and tools that will help us reach a client base that we have been unable to reach before.

Some of the topics that I am anticipating to be presented are:

SEO--search engine optimization

blogging

contact management

mobile tools-google docs, etc.

Another hope is that I can discover enough new methods to do the above that will justify the early am BART to SF, skipping breakfast, nudging the sleeping BART lady sleeping on me not to mention the "high energy," drum banging, band playing interludes between and hopefully not during the presentation.

Tuesday, November 24, 2009

After a few late appointments at my Fremont real estate office, http://www.tricityhome.com. I hopped in the car (could have walked) and drove to Washington High school Gymnasium where the Huskies were playing the Livermore High school team.

As you can see in the final scoreboard, the Huskies bit the Livermore High School team 70 times while the Visitors nipped back a mere 33.

It was good sportsman's ship to see fallen players helped back up after a fall from the opposing side more times than one. All in all, a good night out with the family.

Saturday, November 21, 2009

It's not a good picture, but behind the small crane operator is a sign that says, "Shop Fremont." It's a nice sign and it shows some artwork of candles surrounded by sparkles, very noel.

I thought about how much Fremont has changed. Vince, my building manager at the Murco Plaza on Capitol and Paseo Padre has a long history of the landscape in Fremont. He remembers that the Western Dental building building on the corner of Paseo and Mowry used to be a chicken ranch. I recall some things too. I watched Target get built on Walnut and Fremont. Before that women used to complain that in order to buy a bra, you had to leave Fremont and go to Newpark Mall.

So, where to shop in Fremont? The Hub has Target, Pier 1, Borders, and Hallmark to name a few. Raleys Shopping Center has some smaller gift shops there, well, like The Gift Shop. but you can get some shopping done in Fremont.

To me, the best shopping experience around here is at the Stanford Mall, just a straight shot over the Dumbarton. I still remember the Saks Fifth Avenue which had no escalator, only an elevator. After all, my Dad was the head fitter (a person who instructs tailors on how to alter the suits) in the Men's Department for around 35 years. It since has closed, consolidated and moved to the San Francisco store many years ago. My Dad went with the move as well. The Barn at Stanford used to be a food buffet and food mall with very high class stuff. I still remember the candy shop that sold solid red and black liquorice cords, honeycombs and more. The Stanford Mall has a great deal more class than say--the Hub. The difference is night and day. Plottage, architecture, vendors, landscaping and the surrounding area being Stanford says it all.

Feel free to shop Fremont, I will. And, don't forget to shop online too, but if you cannot afford a trip to Rockefeller Plaza and the Saks in New York, go to Stanford mall once or twice this year.

Wednesday, November 18, 2009

Some of you know that from 1987 to 1999 I worked for UPS, a driver in fact. I delivered packages out in the Mission San Jose area of Fremont. In the morning deliveries to businesses came first, then some residential, then business pick ups, then go back out and deliver residential again. I saw a lot homes to say the least.

About mid route, I also delivered to small business center where I would find my new dentist Dr. Karen Gianotti, my insurance agent Mike Qutermous at State Farm, my Optometrist, Dr. Marvin Mah (I may need glasses soon) and the VCA Mission San Jose Pet Hospital where we take our pets. They are all there in the Mission San Jose Business center on the corner of Luzon and Washington Blvd. I especially grew fond of where one of my driver buddies lived off of Luzon and Castillejo. That is near Washington Blvd. and 680. I just liked it. It had some character, some views too.

Call me old-fashioned, but I'd rather have a slightly older home with character made with a mix of wood and brick than the new ones made with sprayed on stucco and weak stucco architecture that has foam underneath it.

As one who values long-term relationships, and even though I no longer drive for UPS, I still retain customer relationships with them all.

Even in the middle of busy day at my Fremont real estate agent http://www.tricityhome.com office, I can find time to drive into Mission and get a check up and find no cavities, but also be told that a little more flossing couldn't hurt. And, as a small aside--I met my wife there when she worked at the pet hospital back in 1993.

Friday, November 13, 2009

On average, the "sold" prices for real estate owned homes in Fremont over the last 3 months or so have been selling for over the asking price. I ran just a quick list of all the homes that sold during that time, averaged the sales prices, averaged the listing prices, subtracted for the difference then divided the difference by the listing price. It sounds like a real estate question from the state exam. Doesn't it? Anyway, below in wonderful Excel colors are the results.

Asking Price Avg.

Sold Price Avg.

Avg. Difference

% Over Asking

$434,138

$458,711

$24,573

5.66%

We have not heard a lot of the "we bought our home for half the listing price" kinds of stories in our office. Actually, in order to get the house--most of the time, one has to offer over the asking price.

Please remember that these are averages and only performed by the method I showed above. I'm sure there is a more sophisticated RMS method of (root means squared) or something, but here you have it. If you want to buy a home in Fremont most of the time, they go for more. The test only included REO properties. It's very telling.

Some home buyer "to do's" for your agent would include:

After you like a property, have your agent perform a CMA for your property so you know the estimated market value of the home. Remember it still has to appraise for for your offer amount in order for your loan to go through.

Make sure you have your deposit check photocopied for your agent to present your earnest money.

Have a fresh "direct lender' approval letter on the ready.

Go over the Buyer's Net Sheet again to make sure you understand your closing costs.

The rest is up to you and your agent working together to create a good offer.

Again, these are the basics. If you need more attention to detail, please give us a call or send us an email. We are full-time real estate agents in Fremont.
By Jeff Pereyda

Monday, November 9, 2009

No matter where you are in the US, you are effected by the decreased value of homes. Antelope Hills is nice but not immune to the crunch. Just go to my site and wait for the thumbnails (small images of homes that change on the screen) to appear. There you will find distressed homes for sale in just about all categories and price ranges. The site uses IDX scripting, so I cannot embed it here, but go and try the site. It is just a click away.
By Jeff Pereyda

Sunday, November 8, 2009

Homes for sale in Glenmoor are showing changes in pricing, and this area has always been one of the most desired places to live in Fremont CA that have home values from 500k up to over 1 million.

I like the area too, but I happen to live in the Parkmont area of Fremont. Glenmoor homes for sale have also felt the effect of the price drop. Homes sales since 2007 have dropped on average of 35%. Some areas only fell 30%. That would be Glenmoor. But recently there has been an increase of about 5% take a look at this chart. It's hard to see, but it shows that over the last 180 days, home prices in Glenmoor increased by about 5%. Thinking of selling your Glenmoor home? http://www.MyColdwellBankerHome.com. Is a good way to see how I sell Glenmoor homes.

Other areas hit by the 30% instead of 35% are:

Parkmont

Niles

Mission San Jose

Indian Hills

They are recovering at the moment. Let's see. Next blog post I will post the supply and demand levels over the last 90 days. It is very interesting.
By Jeff Pereyda

Wednesday, November 4, 2009

Home Listing Syndication is part of a new buzz jargon that a lot of soon-to-be home-sellers in Newark should have in their home selling marketing plan.

A Syndication is defined by Dictionary.com--a group of individuals or organizations combined or making a joint effort to undertake some specific duty or carry out specific transactions or negotiations. When you list a home with us, we combine traditional marketing with newer (syndication) as well. Open Houses are great as well as postcards and flyers, but more and more buyers are starting out on the web, and that's where you need to be too.

If you or someone you know is thinking about selling a home in Fremont, Newark or Union City, then one of the newer things we do is a Home Listing Syndication.

Your home can be advertised on websites all across the web, making sure buyers see your home and everything it offers. Here are some of the national sites where your home will appear:

Why not start here and see what your Fremont home is worth. On one of my next blogs, I will give you a Home Seller's Net Sheet that will allow you to calculate your estimated profits from your sale.

Tuesday, November 3, 2009

At the time of writing this post, loan rates were down to about 4.5%. Unemployment was up to over 10%. Tempting as the rates may be, some people are scared to commit to a home purchase because they might be out of a job soon.

I spoke with a high level executive at B of A, and they are trying to do something about that. They actually have a home buyer protection program where they will pay 6 months of your home loan (P&I) if you get hurt or lose your job. Not a bad deal, but you do have to commit to the loan at first. No one want a home buyer to lose their job.

I know this next point isn't exactly related, and I am a bit off topic, but I added a link to my Fremont real estate agent http://www.MyColdwellBankerHome.com. Nothing new, I know, but we have found that those buyers who come in the office are more likely to be successful in buying their home. It's about commitment. I think buyers feel better knowing that they have a professional office and an agent that is full-time working for them. Likewise the agent feels better about working hard for their client who takes time out of their day and physically walks into the office to get a clear understanding of what they as a home buyer need to do.

So, if I were to try and link he opening paragraph with this closing, I would have to say that commitment plays a big part in buying a home in both getting the loan and sticking with the real estate office that is helping you get one. Let us know how we can help.
By Jeff Pereyda

If you have found a short sale in Fremont and are getting discouraged at the pace of things, find out if the home you are buying has a B of A loan on it. If it does, you are in luck, well sort of.

I know there have been horror stories about B of A. My father-in-law who also is a broker has a few of his own. But, I do not (yet). I have a short sale in the Parkmont area of Fremont and they buyer really wants to get going. I think they are feeling that they may miss out on the new buyer credit. I was introduced to a VP of B of A a while ago, and he has now been authorized on the account and the short sale is moving quickly. There are a few strings attached.

If you as a buyer have a loan approved already with a non B of A provider, you will have to dump them. The VP wants the loan in order to provide leverage for the workings in the B of A system. We have seen this with Wells Fargo and other lenders too, but this is a bit different. Then, you have to hire B of A to do the loan, and authorize the VP using the short sale authorization letter.

Monday, November 2, 2009

We were given the MOD (Multiple Offer Disclosure) from on of the major banks today. We offered a fair amount for a property for sale in Fremont, and got the MOD in return.

It is the bank's way of flushing out any possible chance for a bidding war to get it's last word or dollar in. The notice only states that the bank is "letting you know" that they know there are multiple offers on the property. It sometimes comes with an attachment from the listing agent saying that any Counter Offer (extra bid from us or you if you are the buyer) needs to be in writing and so on.

We called their bluff today and stood our ground. The buyer simply acknowledged the MOD and sat back and is now waiting. Lets see those cards Mr. Lender.

It's a Fremont short sale actually. My point however is to remind home buyers in Fremont that your short sale deal needs to be well-cared for while it is in the bank's "system." Many brokers and agents feel a bit indifferent about referring to the bank's process of handling a short sale anything remotely close to a "system." It's a bit of a sore subject among us real estate professionals.

In a recent blog post, I mentioned that B of A was going to assist in one of my short sales. A VP was personally going to see that it got done fast. Last week I received a call from B of A. It turns out that my short sale file was sitting in the wrong department for a significant length of time. It was discovered by none other than the VP himself. It was quickly remedied and then brought to my attention.

I felt bad that something like that had slipped past me. I was assured that there was nothing I could have done to prevent that. It was all their doing. Now that I know, I think there is something I can do about it. I am going to tell you how to prevent this from delaying YOUR short sale significantly.

Here is what I found. It turns out that the bank has several short sale divisions, not one like they tell you, and only one can handle a Freddie Mac loan, a secondary mortgage market loan. Mine was one of those. For more on Freddie Mac reading go here. Ask the rep or negotiator if the loan is a Freddie Mac loan and if it is being handled by the right short sale division. Ask to be transferred to the manager of the shortsale division if they cannot answer the question.

In short, my VP came through. He broke the door down and rescued my short sale from sure abandonment. I hope that someone can use this info to rescue their short sale as well. Let me know if I can help.

Sunday, November 1, 2009

If you are in the market to purchase a home at a reduced price, then you have a real good chance at getting one if it is a Bank-Owned home. You can visit my slide cast to just get a quick inside look at how to get a Bank-Owned home or REO.

Not that it matters terribly what I think, but for the sake of argument, I think that I would never have seen a market such as this one. There are REO's everywhere and what is more puzzling is that most people do not know how to buy one. Banks have made it harder than you think.

REO Buying 101 would have to include just a few things:

Include wording in the offer that says that your offer is the highest and best that you can do--when it comes to an REO, banks do not want to waist time with a counter offer on your offer to purchase. So, make it a good one the first time around.

It should be an "As Is" deal or what they now call "As Disclosed."--As Is does not mean you are stuck with a lemon if you find out anything is wrong with the property. It simply means the seller is "preconditioned" not to have to fix anything that is known or discovered as damaged in the escrow process.

Be cash or close to it--Your offer must have an approval letter from a major bank, not a mortgage broker. I am a mortgage broker, and although it hurts a bit to hear that, I understand. They want the approval from the horse's mouth.

Clean it up--watch out for pesky, "seller pays this and seller pays that." You will be in competition with many other buyers who want that house too. Be careful so as not to appear as a nickel and dimer. The bank will not see the offer in the best light if you appear that way.

There is a bit more to it than that, but the above 4 items are a good start in understanding what the bank wants. Want more? Contact me direct and make an appointment. There is real estate to be had.

Thanks for reading. Why not take some free things back with you? Visit these links below.By Jeff Pereyda

Saturday, October 31, 2009

In a recent blog post, I wrote about a Proposition 60, 90 and 110 client of ours that was denied the claim to transfer their tax to the replacement home.

In short, the replacement home was too expensive for the transfer. The tax assessor will only allow a certain increase in the replacement properties sales price. It was not even close, but we thought we would try. The comment from my client was, "Well, I had to have this house, so it was not even a question." I agree. The replacement house is a beautiful house in the Niles area of Fremont.

In closing, if you are over 55 or disabled and are selling your home in Fremont or any home in California and Alameda and Contra Costa Counties, look into the Props before you plan your move. That is unless you just, "gotta have that house."
By Jeff Pereyda

Thursday, October 29, 2009

A client visited with me in my real estate office in Fremont http://www.MyColdwellBankerhome.com last night. He makes a good income and is capable of buying a home in the Mission San Jose Area of Fremont, which more most is no easy task. As we talked further, he disclosed that he recently got out of a short sale. It closed escrow in August.

If you know just one thing about buying a home it is that the lender will look at your credit and put it into the long equation on the home qualification formula. What do you think his credit showed?

After we both sighed, he authorized me to pull his credit. His credit showed that he now had two "derogs" on the credit report. A derogatory event on a credit report is never a good thing. If someone you know has had or is going through a short sale in California several things will appear in the credit report when it is all over. The first thing they may notice is the highlighted derogs. This will specifically show as three, thirty-day lates on the credit report. It will show as a ninety-day ding. What's more is that say the owner had a first and a second loan, or HELOC, a home equity line of credit, and they were both settled after the short sale closed escrow--now the owner will have two ninety-day dings on their credit report. How does that effect one's FICO score? Say someone had a nice 740 FICO score just prior to all this mess. After all is said and done with the short sale proceedings, their score will be reduced down to a 617 FICO or somewhere thereabouts. Good luck getting a loan with a 617.

Can it get worse? Yup. If the short sale lender recorded an "NOD" (notice of default) against the owner during the "lates" or at anytime during the short sale proceedings, many new lenders (when the short sale seller goes out and tries to get a new loan for another home) will treat this little bit-0-history as a foreclosure against the owner. A foreclosure means no loans period.

In closing, we certainly saw that he had the money and a great job with scores of income. But, because he had to choose the short sale of the prior home, his FICO score went poof. What is good about California is that it is almost impossible for a lender to go after a deficiency judgement for the difference of the loan and taxes. That's good for consumers, but bad in other areas. The lender will report the short sale to the credit bureaus and the ninety-day dings will appear. You cannot have your cake by getting the loan forgiven and the debt reduced to zero and eat it too.

I promised that as a good Fremont real estate agent http://www.tricityhome.com, I would do my due diligence, pull his prior HUD 1 settlement statement too to see if the lender recorded a NOD and call my banks to see what his options are. I will let you know.

Monday, October 26, 2009

Once a homeowner decides it is time to sell their house, They'll need to do a few things. First, owners should psychologically become sellers in their actions and in their frame of mind. After this transition, what follows next is that they should find homes that are comparable to theirs. It's usually called a Comparative Market Analysis (CMA). Lately, Internet companies call them a Home Value Report. Either way, it should contain these things in it:

Homes like yours sold in the last 3 months or so

Homes like yours pending a sale

Homes like yours still on the market and

Get the story behind each one.

Then, they should perform a net profit analysis on the sale of their home on a simple excel sheet. And, needless to say, they should have a place to live after they sell the house. They need to be able to afford the change of venue. Somewhere in all of this, they need to find me.

Some people who need to sell a home in Fremont are on the Internet with the goal of finding the right tools to achieve all of the above mentioned items. They want to do it on their own it first in private. I do that with a lot of things I set out to do. When I built my Fremont, Newark and Union City website called, tricityhome.com, I built it myself--see what I mean. Anyway, I put these home-selling tools in place to help homeowners transition from owner to seller.

Here at http://www.MyColdwellbankerHome.com they can request a home value report that I create by hand, old school, where driving the area and finding homes that are not on the MLS may help the value along too. You simply fill out a Fremont home value form http://www.tricityhome.com. Remember I do it by hand. Zillow and others can be off as much as 40-50k in their estimates.

On the website, Fremont home sellers can download a working home seller net sheet that is easy to use, so they can find out what their profit will be from the sale. "Will it be enough?" is a common question that gets asked across the kitchen table when the sellers are trying to figure things out.

They can also get peace of mind by downloading our TriCity Real Estate Brokers, Inc. Seller Certification that allows the seller to fire us on the spot if we ignore something that the seller wishes to change in our marketing efforts or purchase offer negotiations. We haven't used one yet, but it is there.

In closing, there is a sea of real estate agents in Fremont alone, some are good ones. On the Internet, it is hard to weed through some hand picked ones. Sherry did just that here. My hope is that someone who needs to sell their home in Fremont, Newark or Union City can find me through the forest of agents out there. I love doing a good job.

Wednesday, October 21, 2009

For the most part, (always check current tax rules--they change) if you are 55 and over, you can have your existing property tax payments carry over to your replacement property. This is mostly for replacing a Alameda County property in Alameda County and a Contra Costa County property in Contra Costa County. The two counties here also cooperate with each other. Other counties participate with each other too, but they are very slim to none.

I carry a Seniors Real Estate Specialist (SRES) designation http://www.tricityhome.com as do some other real estate professionals. The SRES requires that the agent undergo a certain number of hours and courses geared to helping seniors attain qualified professional help regarding real estate matters. Although I am not a tax professional, and this is by no means tax advice, the courses introduced a few propositions that tend to spill into our line of business. And, they tend to be a bit tricky, so please consult a tax professional before considering the move and the benefit.

I recently helped a couple sell and replace an Fremont CA home--Alameda County property with another Alameda County property. In a nutshell, the properties must close escrow the same day--we did. One of the claimants must be 55 or older or disabled (prop 110--is for disabled)--we did have a 55+ claimant. We filled out the forms. We called the tax assessor's office, etc. We were ready.

For reasons beyond the scope of this blog post, our claim was denied, temporarily. We will appeal the case because everything was in place exactly the way we needed it. Basically, the only variant was that the claimant was removed from the purchase contract 1 week later by order of the lender for the purposes of financing only. He was to be added back on title after the close of escrow. Trying to redraw loan documents and have the claimant added as a "non-borrowing spouse" would have cost us the most crucial part of the requirement, and that is closing escrow on the selling property exactly the same day as the replacement property. http://www.MyColdwellBankerHome.com. We did that against many odds. The title thing we had to deal with later.

Advice to those who are considering the Proposition:

close escrow on the same day

be over 55

all buyers be on the contract if lender likes it or not--be a "non-borrowing spouse" if applicable. DO NOT let the lender push you around AND

remember #1 again.

Please consult a tax professional for further information on Prop. 60, 90 and 110. Here are two good links to get your started.

Monday, October 19, 2009

Some Fremont home buyers find me on the Internet. http://www.MyColdwellbankerHome.com. Recently, Agnus was no exception. She is a senior real estate home buyer who wants a home in Fremont. I met her briefly and had gone over the procedures (in detail) as to where we would meet on Saturday to look at homes for sale in Fremont. We were to meet at 9:00 am sharp where a cute condo for sale in Fremont was located. We had blocked out an hour and a half to view 5 homes so we should have been fine.

I had a feeling that something was going to slow things down when I remembered the last time we had looked at homes in Fremont. We got separated and the last two homes we were supposed to look at were never viewed except by me. Agnus got lost.

The day before we were going to meet, I sent her a Google map, a chronological list of homes to view along with an agenda as to when we were expected to be at any given time. We confirmed the first location and waited for Saturday 9:00am to come. Saturday 9:00am came; Agnus did not. A few minutes later, I called her, and this is how it went:

Me: Hello Agnus... Where are you?

Agnus: I'm at the Home Depot in Fremont.

Me: That's a long way from where you are supposed to be. Did you get the map?

Agnus: Yes, I got it.

Me: So, can you get here soon?

Agnus:I am on my way. How do I get there?

Me: I thought you said you have the map.

Agnus: I do, I just... Well... I got lost.

Me: Okay, we still have time, but we are running late. Just come straight down Fremont Blvd and follow it to Grimmer then go left then right to Osgood and Warm Springs.

Agnus: Oh.

Me: See you in a bit.

15 minutes later

Agnus: (my cell rings) I tried to call you.

Me: What's the matter? Where are you?

Agnus: I know where this is. I used to work here. I'm here.

Me: Oh, you see my red car. I am out in the street waiving my arms. I am in a charcoal grey suit. Are you by the fire station?

Agnus: What fire station? I'm here at KB Homes.

Me: Where is that. That is not around here

Agnus: It's where I used to work.

Me: What is your cross street. The seller has been waiting for us here for over 20 minutes.

Agnus: I'm on Milpitas Blvd.

Me: Oh. Agnus. You passed us. You need to turn around and go north to East Warren.

Agnus: Oh.

Me: Look. I am out on the street waiting for you. Just turn around and drive. Can you please?

Agnus: Oh, okay. I am on my way.

Me: Okay.

10 minutes later, Agnus drives up from Warm Springs Blvd. (busy street) to the security gate . You know the kind of gate that if it's half way closed or open that it will still open again if you just trigger the sensor outside or inside? Well, Agnus stopped well before the sensor and simply waited. She was half way out onto Warm Springs Blvd. and half way into the drive way. Not only was it dangerous, but I for one had waited long enough at that point, so I had to use miming gestures for her to move forward in order for the gate to open again before it closed up. It turns out, she did not understand the international mime language of "hurry up and just go." It varies from country to country but for the most part it is usually indicated by frantic waiving of the arms while the hands point erratically forward. Miraculously, either she got the message, or my yelling, "GO!-GO!" did the trick. She drove into the complex.

After we viewed the first property 45 minutes late, I decided it was time that she no longer followed me, but rather I drive. When we miraculously convoyed to the next stopping point, I gestured for her to get in my car and that we would go together. She said, "no way." Taken aback a bit, I asked why. She said that she had just driven through a red light and been in horrible car accident the week before and totaled her other car and that this car she was driving now was a loaner. She said I would have to ride in her car. I gulped, hesitated then reluctantly got in with all my stuff.

I had to show five properties, and I've been pretty good at estimating over the years, so the rest of the appointment should have taken one hour and fifteen minutes max. Five hours later and recovering slightly from motion sickness, I helped her to write an offer on a property, a short sale property in Fremont.

Over the course of the day, we got honked at three times, missed a green light. (not going while it turned green) and all the while I wondered. Just plain wondered.

I lived to tell the tale and we are supposed to go look again at more properties soon. I'm driving.

Friday, October 16, 2009

Last month one of our Fremont CA home-buyers found us on our website http://MyColdwellBankerHome.com and after talking some things over with me, hired us to buy and sell their home.She wanted to use Fremont Bank for the purchase. She knew the reps there and naturally felt more comfortable in doing so. I would too.

It is still unknown to everyone as to why, but on three separate instances, Fremont Bank acted strange to put it mildly. Events 1-3 are completely true.

During the home buying process, they asked the buyer to come to the office and sign their "refi documents." They did not know it was a purchase loan. Seems harmless on the front, but one of the revered real estate preambles is, "Time is of the essence." So, it freaked some people out. Yours truly was no exception.

Later, they then asked the buyer to come in and sign the loan documents. According to them, it had to be done right away. The buyers rushed over from work and showed up 10 minutes to closing. Breathless, they asked for the documents, but no one from the bank knew what they were talking about.

The next day, they received another call saying that they found the documents. They were on the desk the whole time. They needed to come in and sign right away.

Fremont Bank's closing costs were great, hardly anything at all when you compare, but at what cost was it to the buyer's well being. It's a good thing my buyer was quick thinking and dealt with stress extremely well while Fremont Bank dropped the baton, so to speak.

I now have another buyer who wants to use Fremont Bank for her home purchase in Fremont. I expressed some concern and explained the story to the new buyer. This was all done from an objective point of view, and I only recited facts. Her decision is to move forward with Fremont Bank. Let's hope the baton is passed successfully this time.

Thursday, October 15, 2009

Today I was asked to create a report, but not one report but seven. I was taken aback at first, but we have a system that helps create multiple reports for the website visitors who want to do some research. http://www.MyColdwellBankerHome.com

We managed to get the report out right away because, like me, after searching on the web for awhile, you want instant gratification when you think you found what you are looking for.

Wednesday, October 14, 2009

A VP of Bank of America Home Loans gave me a call the other day and provided me with something that eased the pain of the short sale disease I have been battling. He said that If I had a short sale with Bank of America, meaning that the home being sold has a loan greater than all the selling expenses combined, he had help.

Simply put, he was going to do something about the short sale I just listed and went into a purchase agreement with. For example, I have a short sale in the Parkmont area of Fremont, http://MyColdwellbankerHome.com That recently got an offer on it. The existing loan on the property is with B of A. Turns out, the new buyer had sought out a B of A rep to fund the loan for the short sale purchase. To paint a clearer picture here, the loan is going from B of A to B of A, so I guess it is a bit easier.

The real magic takes place within the B of A system. Instead of going through the whole "90" day process they once told us, (we had another B of A short sale for 6 months now), the bank said it will take about 60 days. Shocked, we had to move a few things along somewhat closer to the normal speed of doing things. It looks like they may move in before the Holidays after all.

Tuesday, October 13, 2009

I met with a two representatives from Lowe's in my office today because they have something I want. Granted Lowe's has a lot of things I want, like a new refrigerator or washer/dryer, but that's besides the point. So, what do I want? As a real estate broker in Fremont, http://www.MyColdwellBankerHome.com, I want home owners who are thinking about selling their home in Fremont to know who I am. I want them to listen to our new streaming real estate agent testimonials and so forth. In short, I want Fremont, Newark and Union City home owners to know that I do a great job when it comes to selling their property.

As a closing aside, it is important to remember that moderately fixing up your home is very smart when it comes to maintaining or increasing your Fremont home values. To find out how Lowe's and a little elbow grease can help--Take a peek at the Cost vs Value Report here. http://www.tricityhome.com/Fremont-Newark-Union-City/Selling-Houses/costvsvalue.html At the time of writing the report, the home values showed an increase in return on investment value mostly found in moderate kitchen remodels and moderate bathroom remodels. In this linked report above, the economy did not "crunch" yet, so you will see the return as over 100% in some areas. You can also view the 2008 report on the public website free to the public. In these latter reports, the economy crashed already. It shows the relationship between the cost of an upgrade and it's estimated value at the resale of real estate. It's always free to the public and good to know, so you can get on the ball when the economy comes back strong.

Maybe you'll see yours truly in the your mail box along next to your local Lowe's sign.

Saturday, October 10, 2009

Sell that Fremont CA Parkmont home quicker! Tips for sellers to bump up that curb appeal.

Regardless of the Fremont CA Parkmont real estate market, sellers need to do everything possible to help get their home looked at. Here are some basic tips.

1. Beware of grand gestures: Exterior improvements should be in keeping with the scale and proportion of your house and fit in with the neighborhood. So as lovely as a formal colonnade might look on the front of your ranch house, it may seem over the top when viewed in context with the simple house next door.

2. Don't stand out like a sore thumb: When picking paint colors, it's best to match the intensity of your neighbors' shades. If pale blues are the norm, try a creamy yellow. Contrast that with a more saturated accent color for shutters and doors, and a lighter one for windows and trim.

3. Be a tree hugger: If an old maple is obscuring the front of your home, don't cut it down. Hire an arborist to trim it instead. Raise the canopy. Eighty-three percent of Realtors say that mature trees enhance the value of a home.

4. Plant for all seasons: Your landscape should be eye-catching year-round, even in the dead of winter. So choose a mix of plants to provide four seasons of interest-spring and summer flowers, bright fall foliage, and colorful berries or showy bark in winter.

6. Do sweat the small stuff: New house numbers, a special light fixture, and potted plants are inexpensive and go a long way toward dressing up an entry.

7. Preservation pays: Before you apply stucco over those weathered clapboards for a clean, low-maintenance look, consider that restoring architectural details may offer more bang from your renovation dollar. In some areas, the value of homes in historic districts where preservation is required has risen up more than in non- historic areas.

These are basic notes to consider, so if you want more "front line" marketing tips, call 510 742-3212.

about me

Jeff Pereyda was born in San Francisco
in the 60's then raised in Sunnyvale during the mid 60's on through
the 80's.

Growing up in the Bay Area and thanks
to his parent's unique hobby of surf fishing, Jeff learned his
long-time passion for surf fishing from his parents who carted him up
and down the coast at an early age hitting California's hot spots.
Jeff recalls one of the most important things he learned from his
mom. “My mom always said, 'you always have to have at least one eye
on the waves.' They're unpredictable at times.” Later, in his
twenties, and after earning a degree in Marketing, Management and
Sales, Jeff went on to study at San Jose Christian College and now
holds a Bachelor's Degree in liberal studies. After returning to the
work force, Jeff later studied to become a California real estate
broker. “Professionally speaking,” Jeff continues, “real estate
is a lot like the surf. The real estate market has its definite
crests and troughs, but it can be unpredictable. You have to always
keep an eye on it too.”

Jeff has earned the International
Diamond Award from Coldwell Banker in 2014 and has been in the top
10% in his office. At present, Jeff continues to provide personal
attention to detail in all his real estate transactions and has been
quite successful in his property management portfolio as well.

During his personal time off, Jeff
enjoys surf fishing and brewing hand crafted beer using his very own
DIY recirculating infusion mash system in the back yard of his custom
Livermore home. Life is good,and if you ask, he'll be happy to share.